July 14th, 2023, Lesley Simeon
American financial services company Robinhood laid off 7% of its full-time staff last month. This marks the third round of layoffs at the company in just over a year. Robinhood cut its workforce by 9% and another 23% in two previous rounds of layoffs in April 2022 and August 2022 respectively.
We look at YouGov data to see how Robinhood has fared since January 2022.
According to YouGov BrandIndex, which tracks consumer sentiment towards thousands of brands daily, these layoffs appear to have had little effect on Robinhood’s Reputation score with the numbers hovering just above neutral territory.
The brand’s Reputation score, which checks whether consumers would be proud or embarrassed to work for the brand, grew from a net score of 1 to 3 in April 2023, before dipping slightly to 2 in June 2023. Robinhood has recorded low Impression and Buzz scores as well with both the metrics in the negative since January 2022.
The brand’s Impression score, which asks consumers about their overall impression of the brand, recovered from negative territory, improving from a net score of -2 in January 2022 to 2 in April 2023, and down to 1 in June 2023.
Similarly, Robinhood’s Buzz score, which measures whether consumers are hearing more positive or negative things about the brand, went from -1 in January 2022 to 2 in June 2023.
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Methodology: YouGov BrandIndex collects data on thousands of brands every day. Robinhood’s Reputation score is based on the question: Which of the following companies would you be proud to work for/embarrassed to work for? and delivered a net score between -100 and +100. Its Buzz score is based on the question: Over the past two weeks, which of the following financial services institutions have you heard of something positive/negative about? and delivered a net score between -100 and +100. Its Impression score is based on the question: Overall, of which of the following financial services institutions do you have a positive impression/negative impression? and delivered a net score between -100 and +100. Scores are based on an average daily sample size of 4375 US adults between January 2022 and June 2023. Figures are based on a 12-week moving average. Learn more about BrandIndex.
Photo by Andrew Neel on Unsplash